25年2季度银行业主要监管指标数据点评：银行内部持续分化，资产质量整体提升

Investment Rating - The industry investment rating is "Outperform the Market" which indicates that the industry index is expected to perform better than the market by more than 5% over the next six months [16]. Core Viewpoints - The report highlights a continuous internal differentiation within the banking sector, with an overall improvement in asset quality [3][5]. - The net profit growth rate for commercial banks in the first half of 2025 has turned negative at -1.2%, but the decline in profit has narrowed compared to the previous quarter [5]. - The net interest margin for commercial banks has decreased slightly to 1.42%, showing resilience despite the decline [5]. - The non-performing loan ratio has improved, decreasing to 1.49%, indicating a manageable risk level [5][3]. - The report suggests a strategic shift towards reallocation rather than trading, driven by changes in funding structures and stable inflows from passive indices [5]. Summary by Sections Regulatory Indicators - As of the end of Q2 2025, the total assets of banking institutions reached 403 trillion yuan, reflecting a year-on-year growth of 8.9% [3]. - The non-performing loan ratio decreased by 2 basis points from the previous quarter to 1.49%, with a provision coverage ratio of 212% [3]. Profitability Analysis - The net profit growth rate for large banks, joint-stock banks, and city commercial banks improved compared to Q1, while rural commercial banks saw a decline of 7.9% [5]. - The report notes that the profitability of large banks is stabilizing, while rural banks are facing increased credit costs due to ongoing reforms [5]. Asset Quality - The report indicates a continuous improvement in asset quality, with the non-performing loan ratio decreasing across various bank types [5]. - The provision coverage ratio has increased by 3.84 percentage points to 212%, indicating a stable risk mitigation capacity [5][3]. Investment Recommendations - The report recommends focusing on the A-share joint-stock bank sector and certain high-quality regional banks, while also considering Hong Kong-listed large banks for their dividend advantages [5].